Pi Network, which recently increased to $ 1.40 after a price leap of 100%, has now dropped by 33%. The token is currently negotiated at around $ 0.86. The net drop occurs after an announcement of May 14 of the Pi Core team which left many disappointed and angry supporters.
What happened?
On May 14, the Pi Core team announced the launch of PI Network Ventures – an investment program of $ 100 million designed to support startups and companies that will help make real use to the Pi cryptocurrency. The fund, which was held in Pi and American dollars, aims to support innovative projects in various industries to develop the PI ecosystem.
Users can find out more about the program directly from the Home screen of the PI Network application. The team has described the move as a “step forward pivot” intended to accelerate the creation of useful applications and to encourage the adoption of IP in daily life.
Why are people upset?
Crypto analyst, Dr. Altcoin criticized the announcement on social networks, calling it “nothing less than betrayal”. He said the update, which introduced a new project called Pi Network Ventures, ignored the hard work and the loyalty of the community that have helped build PI in the past six years.
“We waited, we thought, and we contributed,” wrote Dr. Altcoin. “Now, we are told that the real DAPPs (decentralized applications) that the team has promised still do not exist – and that $ 100 million will be used to finally build them. This value has come from the confidence and efforts of the pioneer community.”
He also pointed out that most users, known as pioneers, have not even won 1,000 Pi tokens because of the team’s decision not to reward the reference bonuses. “This is unfair and shows how community work has been undervalued,” he said.
With more than 70 million users in more than 200 countries, Pi Network has become a global movement – not by investors, but by its people. Now, many pioneers feel left behind while the basic team focuses on major ambitions and new projects.
“The silence of the main team is deafening,” added Dr. Altcoin. “Pioneers are not only users – we are the foundation of the PI network.”
